Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense for the years ended December 31, 2017, 2016, and 2015 are as follows:



	2017									2016							2015
	Federal			State			Total			Federal			State		Total		Federal			State		Total
Current	$	781		$	543		$	1,324		$	130		$	71	$	201	$	1,244		$	601	$	1,845
Deferred	—			—			—			—			—		—		—			—		—
Income tax provision from continuing operations	$	781		$	543		$	1,324		$	130		$	71	$	201	$	1,244		$	601	$	1,845
Income tax (benefit) provision from discontinued operations	$	(3	)	$	(5	)	$	(8	)	$	(1	)	$	268	$	267	$	(1,114	)	$	2,058	$	944

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at December 31, 2017 and 2016 were as follows:



	2017			2016
Net operating loss	$	—		$	—
Deferred income	—			—
Basis difference on investment in unconsolidated entities (a) (b)	27,916			73,228
Depreciation expense	—			—
Miscellaneous	—			—
Total deferred tax assets	27,916			73,228
Less: Valuation allowance	(27,916		)	(73,228		)
Net deferred tax assets	—			—
Deferred tax liabilities	$	—		$	—


(a)	Primarily relates to the basis difference in land of a non-core land development held by DRV.


(b)	As a result of recent U.S. federal income tax reform, the Company has applied a corporate tax rate of 21% to determine deferred tax assets and liabilities at December 31, 2017.

Nature of Common Distributions Paid

A summary of the average taxable nature of the Company’s common distributions paid for each of the years in the three year period ended December 31, 2017 is as follows:



	For the year ended December 31,
	2017		2016		2015
Ordinary income	$	—	$	0.080	$	0.240
Capital gain	—		0.240		—
Return of capital	0.069		0.150		2.690
Total distributions per share	$	0.069	$	0.470	$	2.930